millennials and money

Do Millennials Actually Care About Money?

They may want to get married, buy a home, and build solid credit histories, but millennials may differ from other generations in one big way: giving up on earning more money for the possibility of becoming a legacy.

A new survey from recruiting firm Futurestep polled nearly 1,000 executives and found 28 percent said “the ability to make an impact on the business” mattered most to millennial employees. Only 3 percent said income mattered most.

“It’s clear that millennials want to know what their organization stands for and how they can impact the company’s mission,” says Jeanne MacDonald, president of global talent acquisitions.

Balancing act

That doesn’t mean millennials are willing to sacrifice everything to make a difference. While making an impact ranked highest, work/life balance (26 percent) was also near the top. Development/ongoing feedback also ranked high at 15 percent.

In a survey earlier this year from Deloitte, “millennials judge the performance of a business on what it does and how it treats people,” and that includes work/life balance. Flexibility is important to young workers, especially things like remote working opportunities. According to that survey, “when salary or other financial benefits are removed from the equation, work/life balance and opportunities to progress or take leadership roles stand out.” Almost 17 percent of survey respondents put good work/life balance as the number one important factor when salary was excluded.

This is similar to the results from the Futurestep survey. Millennials are looking for as much structure and job security as generations before them. On choosing one job over another, 38 percent said it would come down to “visibility and buy-in to the mission and vision of the organization.” Directly after that, 29 percent are looking for a clear path for advancement.

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Value vs. longevity

According to the survey, millennials are less willing to work longer hours or weekends (62 percent) than their Gen X and baby boomer co-workers.

“It’s important to note that as an archetype, millennials will stay engaged and productive if they feel they are valued,” said MacDonald. “Bosses of other generations who feel they show their own worth by working long hours need to understand this is not the case for millennials and respect their time on and off the job.”

The survey says that millennials need more feedback compared to other generations (77 percent) but companies aren’t offering the feedback sessions they desire. Forbes says that millennials are looking for on-the-job training and coaching from the time they start work.

“Millennials perform well within a structured chain of command, so setting up a coaching relationship can help them evaluate their successes and failures along the way,” the article says.

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